Billy Markus, one of the Dogecoin creators, is well known for his skepticism of cryptocurrency investment. He made a statement about it once again this time, comparing it to “investing in mental illness.” Additionally, he said, cryptocurrency investment is growing.
Just like Dogecoin was created as a spoof on Bitcoin based on BTC code, Markus is well-known on the crypto Twitter as “Shibetoshi Nakamoto,” a parody name for the enigmatic Bitcoin developer Satoshi Nakamoto.
Markus said when questioned about NFTs that because it is a derivative of cryptocurrency, investing in it causes individuals to become “even more mentally ill.”
Markus said last year that he quit investing in cryptocurrencies nine years ago, immediately following the launch of Dogecoin since he thinks that doing so is merely another sort of gambling. Additionally, he rejects Bitcoin as a kind of currency. At that time, he said buying cryptocurrency may be viewed as gambling.
In this passage, Markus also criticized several cryptocurrency initiatives that centered on the Binance Smart Chain (BSC). All BSC tokens, according to Markus, are “garbage.”
Markus’ comments were made in the context of a negative market for cryptocurrencies when investors had experienced considerable losses after the optimism of the 2021 bull run. Historically, such downturns have been seen as advantageous periods to participate in the industry.
Jackson Palmer, a fellow Dogecoin co-founder, has stated a wish for the crypto market to collapse during the 2022 bear market.